Vaso Corporation Announces Financial Results for First Quarter 2024
Vaso (OTCQX: VASO) announced its financial results for Q1 2024. Total revenue was $18.7 million, a 1.6% decrease year-over-year primarily due to lower equipment sales. Gross profit fell by 5.6% to $10.9 million, while SG&A expenses rose by 9.4% to $12.2 million. The company reported a net loss of $1.2 million and an adjusted EBITDA of negative $1.3 million. Despite these losses, Vaso's operating cash flow improved by $0.8 million year-over-year, and the company maintained a strong financial position with $26.0 million in cash and short-term investments as of May 3, 2024.
- Operating cash flow improved by $0.8 million year-over-year.
- The company has a strong cash position with $26.0 million in cash and short-term investments.
- High deferred revenue in the professional sales service segment.
- High backlog in the IT services segment.
- Total revenue decreased by 1.6% year-over-year to $18.7 million.
- Gross profit dropped by 5.6% to $10.9 million.
- SG&A expenses increased by 9.4% to $12.2 million.
- Net loss of $1.2 million for Q1 2024.
- Operating loss of $1.5 million compared to operating income of $262 thousand in Q1 2023.
- Adjusted EBITDA was negative $1.3 million, down from positive $491 thousand in Q1 2023.
- Revenue in the equipment segment decreased by 28.1%, driven by lower equipment deliveries in China.
- Revenue in the IT segment decreased by $121 thousand, or 1.2%.
PLAINVIEW, N.Y., May 15, 2024 (GLOBE NEWSWIRE) -- Vaso Corporation (“Vaso”) (OTCQX: VASO) today reported its operating results for the three months ended March 31, 2024.
“Total revenue for the first quarter of 2024 was
“Our operating cashflow in the first quarter improved by
Financial Results for Three Months Ended March 31, 2024
For the three months ended March 31, 2024, revenue decreased by
Gross profit for the first quarter of 2024 decreased by
Selling, general and administrative (SG&A) expenses for the first quarter of 2024 increased by
Operating loss for the three months ended March 31, 2024 was
Net loss for the three months ended March 31, 2024 was
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, and stock-based compensation) was negative
Net cash used in operating activities was
About Vaso
Vaso Corporation is a diversified medical technology company with several distinctive but related specialties: managed IT systems and services, including healthcare software solutions and network connectivity services; professional sales services for medical equipment; and design, manufacture and sale of proprietary medical devices.
The Company operates through three wholly owned subsidiaries:
- VasoTechnology, Inc. provides network and IT services through two business units: NetWolves Network Services LLC, a managed network services provider with an extensive, proprietary service platform to a broad base of customers; and VasoHealthcare IT Corp., a national value added reseller of Radiology Information System (“RIS”), Picture Archiving and Communication System (“PACS”), and other software solutions from various vendors as well as related services, including implementation, management and support.
- Vaso Diagnostics, Inc. d.b.a. VasoHealthcare, provides professional sales services and is the operating subsidiary for the exclusive sales representation of GE HealthCare diagnostic imaging and ultrasound products in certain market segments in the USA.
- VasoMedical, Inc. manages and coordinates the design, manufacture and sales of proprietary medical equipment and software, as well as operates the Company's overseas assets including China-based subsidiaries.
Additional information is available on the Company's website at www.vasocorporation.com.
Summarized Financial Information
FOR THE THREE MONTHS ENDED | ||||
STATEMENTS OF OPERATIONS | March 31, 2024 | March 31, 2023 | ||
(In thousands) | ||||
(Unaudited) | ||||
Revenue | $ | 18,738 | $ | 19,036 |
Gross profit | 10,918 | 11,562 | ||
Operating income (loss) | (1,468) | 262 | ||
Other income (expense), net | 307 | 54 | ||
Income (loss) before taxes | (1,161) | 316 | ||
Income tax expense | (12) | (10) | ||
Net income (loss) | (1,173) | 306 | ||
Income tax expense | 12 | 10 | ||
Interest (income) expense, net | (299) | (111) | ||
Depreciation and amortization | 185 | 273 | ||
Non-cash stock-based compensation | 9 | 13 | ||
Adjusted EBITDA* | $ | (1,266) | $ | 491 |
*Adjusted EBITDA is earnings (loss) before interest, taxes, depreciation and amortization and non-cash stock-based compensation |
BALANCE SHEETS | March 31, 2024 | December 31, 2023 | ||
(In thousands) | ||||
(Unaudited) | ||||
Total current assets | ||||
Total assets | ||||
Total current liabilities | ||||
Total stockholders' equity | ||||
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “optimistic”, “plans”, “potential”, “looking forward”, and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions, including the possibility of a downturn in the US economy and the continued impact of the COVID-19 pandemic; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
Investor Contact:
Michael J. Beecher
Investor Relations
Phone: 516-997-4600
Email: mbeecher@vasocorporation.com
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